NEW DELHI: Taking a dig at the economic policies of the previous UPA government, Union Minister Rajnath Singh on Saturday said the country's economy was revived by the Modi government and India has now become the "hot favourite" destination for foreign investors.

The Union Home minister exuded confidence that in a few years, India's economic growth would in double digit.

Singh said a number of significant steps were taken when the Atal Bihari Vajpayee government came to power in late 1990s, due to which the GDP growth rate had touched 8 per cent and the the then prevailing global economic recession did not impact the country.

"But after 2004, even though there was growth initially, the momentum lost gradually. The country could not achieve the desired growth. They could not match the momentum achieved by the Vajpayee government. By 2014, the economic condition of the country further deteriorated.

"When the Modi government assumed charge, you all know what was the economic condition of the country," he said at a function of the PHD Chamber of Commerce and Industry here.

The UPA government was in power between 2004-14.

The Home Minister said after the NDA government assumed charge in May 2014, the economy was put back on track and now the GDP growth rate is around 7.5 - 7.6 per cent.

"India has become the hot favourite destination for foreign investors. I am sure in a few years, India's economic growth would in double digit," he said.

Singh, however, said he would not like to claim that prices of all essential commodities have come down but asserted that prices of many goods have come down significantly.

"Our political opponents say that prices of pulses have gone up, vegetable prices have gone up. They create a hue and cry over it. But we have taken a number of steps to reduce the prices. We have imported many essential commodities so that prices are under control," he said.

Singh said Prime Minister Narendra Modi has already made it clear that the prime objective of the government was to speed up the economic engine.

The government has taken several significant steps and as a result not only domestic investors but foreign investors were getting confidence, Singh said.

"There is a sense of confidence among investors. This government means business, this government is business friendly, this government is investors friendly, a decisive government," he said.

The Union Minister said the government has made many procedural and structural reforms while level of corruption has come down significantly and there was perception globally now that corruption has come down in India.

There is complete transparency in government too, he said.

"India will soon become one of the five top economies in the world. We are trying to make common people part of the development process," he said.

Prices of most SUVs were cut between Rs 1.1 lakh and Rs 3 lakh following the implementation of GST, which subsumed over a dozen central and state levies like excise duty, service tax, and VAT from July 1.